ANNOUNCEMENT 13 Sep 2017
The presidential action was taken out of concern that the proposed acquisition threatened to impair the national security of the United States.
NUMBER OF INTERVENTIONS
On September 13, 2017 President Trump issued an “Order Regarding the Proposed Acquisition of Lattice Semiconductor Corporation by China Venture Capital Fund Corporation Limited.” The order prohibits the acquisition of Lattice Semiconductor by Canyon Bridge Acquisition Company, Inc. and its affiliated entities. The order also prohibits “any substantially equivalent transaction, whether effected directly or indirectly by the Purchasers, through the Purchasers’ shareholders or shareholders’ immediate, intermediate, or ultimate foreign person beneficial owners, or through the Purchasers’ subsidiaries, is also prohibited.”
This action was taken under presidential authorities related to national security, including section 721 of the Defense Production Act of 1950 and section 721 and the International Emergency Economic Powers Act. According to the order, the president had “credible evidence” that “through exercising control of Lattice Semiconductor Corporation” Canyon Bridge “might take action that threatens to impair the national security of the United States.”